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Recent Changes to the Bank of Canada’s Emergency Lending Assistance Policy

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Emergency Lending Assistance (ELA) is a discretionary last-resort collateralized loan or ad-vance by the Bank of Canada to eligible financial institutions (FIs) and financial market infrastructures (FMIs) facing serious liquidity problems. In December 2015, the Bank revised its ELA policy to (i) replace the requirement for an FI’s solvency with the requirement for a credible recovery and resolution framework; (ii) include mortgages as eligible collateral; and (iii) clarify both the eligibility requirements for FMIs and provincially regulated deposit-taking FIs.

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  • Christopher Graham & Natasha Khan & Alexandra Lai, 2016. "Recent Changes to the Bank of Canada’s Emergency Lending Assistance Policy," Bank of Canada Review, Bank of Canada, vol. 2016(Autumn), pages 25-34.
    • Handle: RePEc:bca:bcarev:v:2016:y:2016:i:autumn16:p:25-34
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    Cited by:

    1. Grund, Sebastian & Nomm, Nele & Walch, Florian, 2020. "Liquidity in resolution: comparing frameworks for liquidity provision across jurisdictions," Occasional Paper Series 251, European Central Bank.
    2. Skylar Brooks, 2024. "Central Bank Liquidity Policy in Modern Times," Discussion Papers 2024-06, Bank of Canada.

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